Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question: Omega Chemicals Ltd. took a $450,000 two-year note receivable from a customer in connection with a major sale transaction on 1 May 2017. The note required annual 30 April interest payments of 4%, and the principal was due on 30 April 2019. Omega has a 31 December year-end.
Required: 1. Make journal entries to record the initial sale transaction and each payment on the books of Omega, assuming that the market interest rate is 4%
2. Assume now that the market interest rate is 5%. Calculate the present value of the note, and make a schedule that shows the interest for each year of the note receivable.
3. Make journal entries to record the initial sale transaction and each payment on the books of Omega, consistent with requirement 2. Use the gross method to record the note.
4. Assume that the market interest rate is 7%. Calculate the present value of the note, and make a schedule that shows the annual interest using the straight-line method of amortization.
Newcastle Co. earned net income of $1,400,000 and had comprehensive income of $1,500,000. What was Newcastles Basic EPS
Explain What is the potential negative impact of the ACA? What, if any, ethical considerations might there be for any of the three scenarios?
The following information is available for Murphy Company: Allowance for doubtful accounts at December 31, 2009 $ 8,000 Credit sales during 2010 400,000.
Evaluate whether the audit procedures performed by the former auditor, Liling, at the interim stage of the audit are sufficient
Reasonably from error and bias and faithfully represents what is purports to represent. How can you make the information free from errors?
Waterway Industries expects to purchase $190000 of materials in July and $200000 of materials in August. How much will August cash disbursements
Calculate the correct amounts for current assets, current liabilities, sales and consulting revenue, cost of goods sold,
"A dollar today is more than a dollar tomorrow." This concept is the basis of Time Concept of Money. What does it mean to you? Investigate
Reporting an Income Statement Sky Blue Company, owned by sole proprietor Anna , provides computer technology services to customers.
a company increased the selling price for its product from 5 to 6 per unit when total fixed expenses increased from
On January 1, 2014, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the following transactions during January.
Using the preceding information, prepare a complete Form 1120S and Schedule K-1s for John Parsons and George Smith, 5607 20th Street, Cut and Shoot
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd